Money market Prediction by Raunak Singh

● Nifty index failed to surpass previous day’s high and witnessed selling pressure for the most part of the trading session. It negated higher top – higher bottom formation and corrected towards 11420. It formed a Bearish Belt Hold candle on a daily and a Spinning Top on a weekly scale which implies some profit booking at higher levels

● Now it has to continue to hold above 11435 zones to extend its move towards 11500 zones while a hold below 11350 could change the immediate trend for a decline towards 11300-11250

● Max Put OI is at 11000 then 11200 while Max Call OI is at 11500 then 11600. We have seen Call writing at 11500 while marginal Put unwinding is seen at immediate strikes

● India VIX moved up by 1.34% at 12.85

● Bank Nifty opened flattish but remained highly volatile for the entire trading session. It formed a Bearish Engulfing Candle on daily scale

● Now it has to continue to hold and sustain above 28000 zones to extend its move towards 28333 then 28500 zones while supports are seen at 27750